Trusts, in the most general sense, are legal tools for financial planning that allow a person (the Trustee) to hold another person's (the Trustor's) property for the benefit of someone else (the Beneficiary). There are many different types of trusts (Living Trust, Testamentary Trust, Irrevocable Trust, Revocable Trust, Special Needs Trusts) all of which have their advantages and disadvantages. Some advantages of trusts are: reduction of taxes, avoiding probate, maintaining privacy (a trust is not a public record), in some cases protection against creditors, can act like a will after you are gone, and you can use a trust to control how the Beneficiaries will use their inheritance. In most cases, you can change or even cancel the trust at any time. You can also act as trustee and manage the property for as long as you are able. Also, you have the option to have all the trust property returned to you at any time. Allow us to help you identify and build the right trust for your unique situation.